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Stocks Creep Back Toward 4,000

EQUITIES
  • E-mini S&P showing above yesterday's highs in recent trade, putting futures on a positive footing and indicating a green open for Wall Street in a few hours' time.
  • Prices narrowing in on a test of the psychological 4,000 handle with 3995.25 resistance giving way - a break above here opens congestion at 4003.25-50 printed Tuesday as well as the week's best levels of 4024.75.
  • Equities aided by the moderation in 10 y yields, which have dipped back below the 4.00% handle to mirror waning Fed rate hike expectations: implied peak rate in September has slipped to 5.43% today, a drop of over 8bps off yesterday's cycle highs.

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